A deal has been struck to secure the future of Andrew Gibson House, a landmark building that was formerly home to the widows of retired seafarers on the Wirral waterfront.

Owner Nautilus Welfare Trust, developer Prospect Capital and Wirral Council have agreed the principles of a scheme that will convert the vacant property in Wallasey into apartments, with enabling residential development and a new accommodation block for the charity built nearby.

Wirral Council has committed to selling a small piece of adjacent land to Prospect Capital that provides scope for a development that would be commercially deliverable as well as fulfilling the needs of Nautilus.

Craig Blackwell, managing director of Prospect Capital, said: “This is a great piece of local heritage and I am delighted that by working together ourselves, Nautilus and Wirral Council have come up with a solution that preserves the building, and gives Nautilus the quality future accommodation they need. It’s an outstanding location, and a development that combines sensitive restoration with high-quality modern design will be a great enhancement of the Wirral waterfront.”

Nautilus senior policy advisor Mike Jess said: “We are absolutely delighted that we have reached this agreement, which is a win-win for everyone.

“We have been seeking to do something with the Gibson House site for many years, and this three-way partnership makes it possible for the proceeds to go back to the charity to enable the development of new facilities for retired seafarers. As new research from the Maritime Charities Group demonstrates, the 30 new extra-care accommodation places will help to meet an increasingly acute need.”

Prospect Capital is working with Liverpool-based architect Space Plus on the proposals. It hopes that a full planning application for the site will now be submitted early in 2018, with work on the restoration of Andrew Gibson House starting in the spring.